Global Abrasives Market to be Worth US$ 51,389.7 Million by the End of 2019

ALBANY, New York, December 09, 2014: A recent study titled “Abrasives (Bonded Abrasives, Coated Abrasives, Raw Superabrasives, Steel Abrasives, Loose Abrasive Grains and Others) Market for Machinery, Electrical & Electronic Equipment, Transportation, Metal Fabrication and Other End-user Industries – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019” from Transparency Market Research (TMR), a U.S.-based agency provides an in-depth analysis of the global abrasives market. The report states that the abrasives market was estimated at US$35,203.6 million in 2012, and will be worth US$51,389.7 million by 2019, while demonstrating a CAGR of 5.5% during the forecast period of 2013-2019. In 2012, the demand for abrasives globally was noted at 13,939.7 kilo tons.

Natural and synthetic abrasives demand is growing worldwide, since, they are used for multiple purposes such as to grind, abrade, scour, eliminate, or clean solid material by rubbing impact or action. The global abrasives market will demonstrate further growth due to the increased opportunity with the use of garnet technology in abrasive blast cleaning and water jet cutting process. Product-wise, the global abrasives industry is divided into bonded abrasives, raw superabrasives, coated abrasives, loose abrasive grains, and others. The bonded abrasives sector led the global market in 2012, followed by coated abrasives product segment. In 2012, the bonded abrasives product segment generated market revenue of US$12,278.3 million.

According to TMR analysts, the bonded abrasives product segment is forecasted to reach a value of US$16,719.7 million by 2019 with a CAGR of 4.5%. On the other hand, raw superabrasives product segment in the global abrasives market will demonstrate the fastest growth in terms of revenue with a 7.7% CAGR during the forecast period. In addition, loose abrasive grains segment will display a record growth during the forecast period owning to their increasing demand from manufacturers of abrasive products.

The end-user industries of abrasives market include electrical and electronic equipment, machinery, metal fabrications, and others such as medical devices, construction, cleaning and maintenance, power generation, etc. The machinery end-user segment led the abrasives market with a 23.8% global demand and market revenue of US$8,586.7 million in 2012. This end-user segment will grow with a 5.4% CAGR during the forecast period and will reach a market value of US$12,418.5 million in 2019. Furthermore, electrical and electronic equipment and transportation end-user segments will demonstrate a record high growth due to the increasing demand for electrical and electronic equipment and automobiles worldwide.

The global abrasives market geography-wise is segmented into North America, Europe, Asia Pacific, and RoW. Asia-Pacific ruled the global abrasives market in 2012 with 55.8% global volumes consumption. Asia-Pacific region is expected to be both the fastest and largest growing market in the global industrial abrasives industry in the coming years. In addition, the slump observed in western markets of North America and Europe has contributed towards the growth of Asia Pacific abrasives market.

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vaibhav

Hello, This is Vaibhav Mondhe working in Transparency Market Research. TMR is a market intelligence company providing global business research reports and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers.